Age-related macular degeneration (AMD) also known as macular degeneration is a condition, which results in loss of central vision caused due to the thinning of the macula of the retina. Age-related macular degeneration typically occurs in the geriatric population and can cause permanent vision loss in people aged 60 years and above. Age-related macular degeneration is of two types; dry age-related macular degeneration (Dry AMD) and wet age-related macular degeneration (wet AMD). Dry age-related macular degeneration is a common form of macular degeneration, where the macula gets thinner with age and leads to loss of central vision. There is no treatment available for dry age-related macular degeneration. Wet age-related macular degeneration is less common, where growth of abnormal blood vessels is observed under the retina. Wet age-related macular degeneration can be managed through anti-vascular endothelial growth factor (anti-VEGF) injections.
The North America & Europe age-related macular degeneration therapeutics market is estimated to be valued at US$ 9,958.7 million in 2020 and is expected to exhibit a CAGR of 6.1% during the forecast period (2020-2027).
Figure 1. North America & Europe Age-related Macular Degeneration Therapeutics Market Share (%) in Terms of Value, By Region, 2020
The increasing prevalence of age-related macular degeneration is expected to propel the market growth during the forecast period
The increasing prevalence of age-related macular degeneration is expected to drive growth of the age-related macular degeneration therapeutics market. For instance, according to The International Agency for the Prevention of Blindness (IAPB), around 5% blindness across the globe is caused by age-related macular degeneration (AMD). Moreover, according to an article published in the BrightFocus Foundation in January 2019, it is expected that around 196 million people across the globe will have age-related macular degeneration in 2020 and the number will increase to 288 million in 2040.
|Base Year:||2019||Market Size in 2019:||US$ 9,958.7 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||6.1%||2027 Value Projection:||US$ 15,122.8 Mn|
Novartis AG, Bayer AG, Bausch Health Companies Inc., Regeneron Pharmaceuticals, Inc., F. Hoffmann-La Roche AG, Pfizer, Inc., and Valeant Pharmaceuticals International, Inc.
|Restraints & Challenges:||
Figure 2. North America & Europe Age-related Macular Degeneration Therapeutics Market Share (%), by Disease Type, 2020
The approval and launch of age-related macular degeneration therapeutics is expected to drive the market growth during the forecast period
Approval and launch of new age-related macular degeneration therapeutics products by regulatory authorities is expected to drive the market growth during the forecast period. For instance, in October 2019, Novartis received the U.S. Food and Drug Administration (FDA) approval for its Beovu (brolucizumab) injection for treatment of wet age-related macular degeneration (AMD).
North America & Europe Age-related Macular Degeneration Therapeutics Market – Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has impacted the overall ophthalmology market in key regions such as North America and Europe. After a formal declaration by the World Health Organization (WHO) on March 11, 2020, COVID-19 pandemic has been declared a public health emergency. With the increasing number of COVID-19 cases in the U.S., on March 18, 2020, the American Academy of Ophthalmology, following advice from the US Surgeon General and the Centers for Disease Control and Prevention, issued the guidelines on COVID-19. According to the guidelines, it is necessary for all ophthalmologists to cease their practice, and are allowed to provide any treatment or assistance to urgent or emergent cases.
Age-related Macular Degeneration Therapeutics Market Restraints:
However, availability of alternate treatments for age-related macular degeneration such as photodynamic therapy, photocoagulation, and low vision rehabilitation is likely to hinder the growth of age-related macular degeneration therapeutics market.
Age-related macular degeneration is one of the most common causes of blindness among the elderly population. The geriatric population is highly susceptible to different types of age-related diseases such as diabetes, renal insufficiency, arthritis, and macular degeneration. According to an article published in the BrightFocus Foundation in January 2019, the risk of getting affected by advanced age-related macular degeneration for people of age group of 50-59 is 2%, whereas it is around 30% among those who are over the age of 75 years. Hence, the high risk of age-related macular degeneration in geriatric population is anticipated to drive the growth of age-related macular degeneration therapeutics market during the forecast period.
Majority of pharmaceutical manufacturers operating in the North America & Europe age-related macular degeneration treatment market are engaged in adoption of inorganic growth strategies such as collaborations, partnerships, and acquisitions to strengthen their market share. These strategies have enabled market players to develop new drugs for treating AMD and enhance their existing portfolio of retinal products. For instance, in January 2020, Exonate, an early stage biotechnology company, collaborated with Janssen Pharmaceuticals, Inc., a pharmaceutical companies of Johnson & Johnson, to develop an eye drop treatment for retinal vascular diseases such as wet age-related macular degeneration treatment and diabetic macular oedema (DMO by using mRNA targeted therapies).
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.